Sumato Advances to EWC Global Finals in November ahead of Global Entrepreneurship Week
Buenos Aires, Argentina - Everything is changing in the shopping world for both consumers and retailers. How is technology being used to enhance the in-store experience for consumers and increase sales for retailers? Sumato, a start-up based in Argentina is working on closing the gap between in-store and online, by providing retailers tools to create a better experience to their customers by using sophisticated face recognition technology and data analytics. Sumato became the winner of the national selection round of the global competition Entrepreneurship World Cup - 2019.
Sumato competed against Nilus, a food waste startup, MABB Bio-engineering & Biomaterials Biomaterials a passive and intelligent metal-free dental implants systems, Artisint a startup to employ technology to create an economic expansion, and For a goal-setting app encouraging women while rewarding them. Sumato was awarded a full trip to participate at the super-final, which will be held in Riyadh (Saudi Arabia) on November 12, 2019.
The founders Augusto Clemént and Diego Descotte have known each other for more than 17 years and have worked together on some specific projects, achieving excellent results. Augusto designed the way to adapt the biometric technology used in security to the retail market for segmentation, at which point the idea of Sumato-Id was born.
So what exactly is the problem that Sumato solves? Nowadays 81% of sales are still made in physical stores but the conversation of sales is less than 4%. Meaning that people who enter the store leave without making any purchases. Sumato allows to identify, segment and measure the interaction of consumers at the point of sale in a fully automatic, non-invasive and real-time manner. Giving available information instantly to the decision makers or triggering actions in advance. Thus, optimizing costs and maximizing sales.
Judges for the competition were:
Paula Monteleone - Wayra | Telefónica
María Cecilia Leiva - Dirección de Fortalecimiento de Ecosistemas Productivos, Secretaría de Emprendedores y de la Pequeña y Mediana Empresa, Ministerio de Producción y Trabajo de la Nación
Mauricio Mandaglio - Ministerio de Ciencia, Tecnología e Innovación de la Provincia de Buenos Aires
Daniel Tricarico - Asosiación de Emprendedores de Argentina (ASEA)
Marysol Rodríguez - Unión Industrial Argentina, Autoridad del Departamento Joven de la Unión Industrial Argentina y Secretaria en Consejo de Administración de Fundación Empretec.
More than 102,000 contestants from 184 countries entered the Entrepreneurship World Cup. The initiative combines a broad-reaching pitch competition, aimed at ventures ranging from the idea stage to the growth stage, with a virtual accelerator program to help all participants launch, strengthen and scale their enterprises. Global Finalists will face off against one another at the Misk Global Forum ahead of Global Entrepreneurship Week in November 2019.
EWC is an initiative led by the Global Entrepreneurship Network and Misk Global Forum with support from a collection of national and global partners, including the Global Educational and Leadership Foundation and GSVlabs.